Sushi train franchise in Brisbane to be wound up

A "SUSHI Train" franchise restaurant in Brisbane's southeast has closed its doors and is set to be wound-up by the millionaire Gold Coast owner of the parent company after it failed to repay loans.

Yatala-based Sushi Train (Australia) Pty Ltd, owned by Benowa businessman Bob Jones, 64, has applied to wind up Kitokito Pty Ltd, the company behind the Capalaba Sushi Train restaurant in the Supreme Court.

The court was told that Kitokito, which ran the restaurant on Finucane Road, is insolvent because it has failed to repay the franchise parent company $621,319 in loans, allegedly used to buy restaurant stock and dating back to 2016.

Sushi Train (Australia) attempted to serve Kitokito owner Shigeki Yokokawa, 43, from Ormiston, with a creditor's petition demanding payment in November but the letter was returned unopened, the court was told.

The Capalaba restaurant in Brisbane's Redland City, "ceased trading from July 31" last year, Mr Yokokawa told Sushi Train, court documents state.

"This debt was created over a number of years and we intend to enter into a loan agreement to repay the loan," Mr Yokokawa told Sushi Train.

Sushi Train (Australia) recovered about $9,357 worth of stock from the Capalaba restaurant "in or around July 2018", the court heard.

There are 49 Sushi Train restaurants nationwide. The first opened 26 years ago in Surfers Paradise and the company is wholly owned by founder Mr Jones, who was born in Akita, Japan.

Mr Jones lists his address on company records as a $3m main-riverfront mansion in Benowa Waters.

The case is due in court on March 7. Liquidator Anthony Connelly has agreed to be appointed by the court.